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bagirrra123 [75]
1 year ago
12

Using Normal Distribution to Analyze Data Martin suspects that people carry less cash with them than they used to because of cre

dit cards and other cashless payment systems. He decides to work on inventing a new system for people to use in place of cash that would be more user friendly and safe. Martin conducted a survey to help convince investors to back the development of his new cashless system. One afternoon at the local mall, Martin surveyed a random sample of 95 people and asked the question, How much cash are you carrying in your wallet? The mean of his data is $8.00 with a standard deviation of $2.50. Assume the data is normally distributed. Based on this information, answer the following questions. Part A Question Select the correct answer. What is the probability that a person who was surveyed has less than $5 in his or her wallet? Use the normal distribution table to help you in your calculations. 11.51% 21.19% 78.81% 88.49% Part B Question Select the correct answer. What is the probability that a person who was surveyed has between $9 and $10 in his or her wallet? Use the normal distribution table. 13.27% 31.04% 41.34% 86.73% Part C Now, Martin can reasonably guess that the standard deviation for the entire population of people at the mall during the time of the survey is $1.50. What is the 95% confidence interval about the sample mean? Interpret what this means in the context of the situation where 95 people were surveyed and the sample mean is $8. Use the information in this resource to help construct the confidence interval. Font Sizes Characters used: 0 / 15000 Part D Would the interval found in part C increase, decrease, or remain the same if the confidence level desired were 99%? State your reasoning. Font Sizes Characters used: 0 / 15000 Part E Would the interval found in part C increase, decrease, or remain the same if fewer than 95 people were surveyed? Justify your answer. Font Sizes Characters used: 0 / 15000
Mathematics
1 answer:
jek_recluse [69]1 year ago
3 0

Answer:

Step-by-step explanation:

Sample size = 95

X=cash carried by the persons

x bar = 8.00

s = sample std dev = 2.50

Std error = \frac{s}{\sqrt{n} } =\frac{2.5}{\sqrt{95} } \\=0.2565

Hence Z score would be

\frac{x-8}{0.2565}

a) P(X

-0.00

b) P(9

c) 95% conf interval margin of error = ±1.96*0.2565

=±0.54782

Confi interval = (8-0.5027, 8+0.5027)

= (7.4923, 8.5027)

C)If conf level increases, then width of interval would increase since critical value would increase.

If sample size increases std error would decrease and hence margin of error.

So interval would decrease.

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Sanjeet paid $32.85 for a file and 3 identical pens.Leon paid $83.50 for 2 such files and 8 such pens.Find the cost of 1 pen.
olga2289 [7]
1 file + 3 pens = $32.85     --------------- (1)
2 files + 8 pens = $83.50   ----------------(2)

(1) x 2 :
2 files + 6 pens = $65.70   ----------------(1a)

(2) - (1a) :
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1 pen = $8.90

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Answer: One pen costs $8.90.
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5 0
2 years ago
A small ferryboat is 4.00 m wide and 6.00 m long. When a loaded truck pulls onto it, the boat sinks an additional 4.00 cm into t
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Answer:

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Step-by-step explanation:

Boat is experiencing the buoyant force as it is in the water and is sinking

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Weight of the truck=9408 N

6 0
2 years ago
After the closing of the mill, the town of Sawyerville experienced a decline in its population.
ycow [4]

Step-by-step explanation:

P(t) = 12,000 (2)^(-t/15)

9,000 = 12,000 (2)^(-t/15)

0.75 = 2^(-t/15)

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Answer: We can arrange the steps with help of below explanation.  

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where D\in AC

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cos C =CD/ BC

CD= a cos C

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DA= b-acos C  

In the triangle BCD, from the definition of sine:

sin C =BD  / a

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In the triangle ADB, applying the Pythagorean Theorem

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2 years ago
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strojnjashka [21]

C.) Old Price: $148.80; New Prices: $142.60

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8 0
1 year ago
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